Investment Rating - The report maintains a "Buy" rating for the company [7][11]. Core Insights - Short-term performance is under pressure, but profit growth is expected to recover due to channel adjustments, retail improvements, and franchise gross margin recovery. Long-term, structural adjustments are anticipated to enhance operational quality and profit elasticity, shifting from retail-driven profit elasticity to a more sustainable and robust internal focus [2][11]. - The company reported revenues of 4.22 billion yuan and a net profit attributable to shareholders of 30 million yuan for the first three quarters of 2025, reflecting a year-on-year decline of 7.2% and a 73.8% drop in net profit [5][11]. Financial Performance Summary - For Q3 2025, the company achieved revenues of 1.32 billion yuan, with a net loss attributable to shareholders of 50 million yuan, marking a year-on-year revenue decline of 5.5% and a reduction in losses of 14 million yuan [5][11]. - The company’s gross margin improved by 1.6 percentage points year-on-year in Q3 2025, despite a challenging retail environment and ongoing franchise store closures [11]. - The projected net profits for 2025, 2026, and 2027 are estimated at 170 million yuan, 210 million yuan, and 230 million yuan, respectively, with corresponding price-to-earnings ratios of 41, 33, and 30 [2][11].

Core Viewpoint - Ningbo Taiping Bird Fashion Co., Ltd. has decided not to adjust the conversion price of its convertible bonds, "Taiping Convertible Bonds," despite triggering the downward adjustment clause due to stock price performance [2][9]. Group 1: Company Announcement - As of November 7, 2025, the company's stock price was below 85% of the current conversion price for 15 out of 30 consecutive trading days, triggering the downward adjustment clause for "Taiping Convertible Bonds" [2]. - The company's board of directors held a meeting on November 7, 2025, and resolved not to adjust the conversion price, also stating that if the clause is triggered again within the next 12 months (November 8, 2025, to November 7, 2026), no adjustment proposal will be made [2][9]. - The current conversion price of "Taiping Convertible Bonds" is 20.88 yuan per share [8]. Group 2: Convertible Bond Details - The company issued 8 million convertible bonds on July 15, 2021, with a total fundraising amount of 800 million yuan and a maturity period of 6 years [3]. - The initial conversion price was set at 50.32 yuan per share, which has undergone several adjustments due to various corporate actions [3][4][5][6][7]. - The most recent adjustment occurred due to the annual profit distribution plan, lowering the conversion price to 20.81 yuan per share, which was subsequently adjusted to 20.88 yuan per share after the repurchase of shares [5][7].

Core Points - The company, Taiping Bird, announced that it will not adjust the conversion price of its "Taiping Convertible Bonds" downward during the upcoming twelve months from November 8, 2025, to November 7, 2026 [2] - The board of directors stated that if the conversion price adjustment clause is triggered again in the future, they will not propose a downward adjustment plan [2] - The board will reconvene to decide whether to exercise the downward adjustment right if the clause is triggered again after the specified period [2]

Core Insights - The company reported its worst quarterly results since going public, with a significant decline in both revenue and net profit [1] Financial Performance - For the first three quarters of 2025, the company achieved operating revenue of 4.217 billion yuan, a year-on-year decrease of 7.15% [1] - The net profit attributable to shareholders plummeted by 73.79%, amounting to only 28.259 million yuan [1] - The non-recurring net profit also worsened, resulting in a loss of 55.46 million yuan [1] Factors Affecting Performance - The company attributed the substantial decline in performance to multiple factors, including decreased operating revenue, increased inventory impairment losses, and reduced government subsidies [1] Inventory and Store Closures - As of the end of Q3 2025, the company's inventory stood at 1.764 billion yuan, reflecting a 1.65% increase compared to the end of 2024 [1] - In response to ongoing performance pressures, the company has been closing inefficient stores, with 504 closures and only 240 openings in the first three quarters, resulting in a net reduction of 264 stores [1] - The total number of remaining physical stores as of Q3 2025 is 3,109, with over 2,000 stores closed cumulatively [1]

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-094 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 宁波太平鸟时尚服饰股份有限公司 截至 2025 年 11 月 7 日，宁波太平鸟时尚服饰股份有限公司（以下简称"公 司"）股票在任意连续三十个交易日中有十五个交易日的收盘价格低于当 期转股价格的 85%，触发"太平转债"转股价格向下修正条款。 经公司第五届董事会第八次会议审议通过，公司董事会决定本次不向下修 正"太平转债"转股价格，同时在未来十二个月内（2025 年 11 月 8 日至 2026 年 11 月 7 日），如再次触发"太平转债"转股价格向下修正条款，亦 不提出向下修正方案。在此之后，若再次触发"太平转债"转股价格向下 修正条款，届时公司董事会将再次召开会议决定是否行使"太平转债"的 转股价格向下修正权利。 关于不向下修正"太平转债"转股价格的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、"太平转债"基本 ...

Core Viewpoint - The company announced that during the repurchase period from October 23 to October 29, 2025, no investors submitted repurchase applications for the "Tai Ping Convertible Bonds," resulting in a completed repurchase process without any financial transactions required [1][3]. Group 1: Repurchase Announcement - The repurchase period for the "Tai Ping Convertible Bonds" was set from October 23 to October 29, 2025, with a repurchase price of 100.49 CNY per bond, including the current interest [2][3]. - The company disclosed multiple announcements regarding the repurchase of "Tai Ping Convertible Bonds" from October 16 to October 29, 2025 [1]. Group 2: Repurchase Results and Impact - The effective number of repurchase applications during the period was 0, resulting in a total repurchase amount of 0 CNY, meaning no further financial actions are required [3][4]. - The repurchase of "Tai Ping Convertible Bonds" will not impact the company's cash flow, asset status, or share capital [3]. Group 3: Subsequent Matters - The unrepurchased "Tai Ping Convertible Bonds" will continue to be traded on the Shanghai Stock Exchange [4]. Group 4: Convertible Bond Issuance Overview - The company issued 8 million convertible bonds on July 15, 2021, with a total fundraising amount of 800 million CNY, and these bonds began trading on August 6, 2021 [8]. - The initial conversion price was set at 50.32 CNY per share, with the conversion period from January 21, 2022, to July 14, 2027 [8]. Group 5: Conversion Price Adjustments - The current conversion price is 20.88 CNY per share, with several adjustments made due to various corporate actions [6][13]. - The conversion price may be subject to downward adjustments if the company's stock price falls below 85% of the current conversion price for a specified period [16].

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-093 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 宁波太平鸟时尚服饰股份有限公司 关于"太平转债"预计触发转股价格向下修正条件 的提示性公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或 者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 目前转股价格：20.88 元/股。 转股期起止日期：2022 年 1 月 21 日至 2027 年 7 月 14 日。 自 2025 年 10 月 20 日至 2025 年 10 月 31 日，宁波太平鸟时尚服饰股份有 限公司（以下简称"公司"）股票已有十个交易日收盘价格低于当期转股价格的 85% （即 17.75 元/股），预计将触发转股价格向下修正条件。若触发条件，公司将于触 发条件当日召开董事会审议决定是否修正转股价格，并及时履行信息披露义务。敬 请广大投资者关注公司后续公告，注意投资风险。 一、可转债发行上市概况 经中国证券监督管理委员会《关于核准宁波太平鸟时尚服饰股份有限公司公开 ...

| 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-092 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 宁波太平鸟时尚服饰股份有限公司 关于"太平转债"可选择回售结果的公告 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述或者 重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 一、本次可转债回售的公告情况 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）于 2025 年 10 月 16 日披露《关于"太平转债"可选择回售的公告》（公告编号：2025-076），并于 2025 年 10 月 17 日、2025 年 10 月 20 日、2025 年 10 月 21 日、2025 年 10 月 22 日、2025 年 10 月 23 日、2025 年 10 月 24 日、2025 年 10 月 27 日、2025 年 10 月 28 日、2025 年 10 月 29 日先后披露关于"太平转债"可选择回售的提示性公告（公告编号： 2025-077、2025-078、2025-079、2025 ...

Core Viewpoint - The company has reported a continuous decline in revenue and profit, indicating deeper operational challenges and a weakening brand influence [1][2][4]. Financial Performance - In Q3 2025, the company achieved revenue of 1.319 billion yuan, a year-on-year decrease of 5.54%, with a net loss attributable to shareholders of 49.45 million yuan [1][5]. - For the first three quarters of 2025, total revenue was 4.217 billion yuan, down 7.15%, and net profit fell by 73.79% to 28.26 million yuan [5][6]. - The company plans to provision for impairment losses totaling 115 million yuan, further impacting profitability [2]. Brand and Product Line Performance - All four major brand lines experienced revenue declines compared to the previous year: PEACEBIRD women's wear down 8.42%, men's wear down 7.17%, LEDIN girls' wear down 9.38%, and MINI PEACE children's wear down 3.07% [4]. - Smaller brands like Material Girl and PETiTAVril saw revenue drops exceeding 40% [4]. Channel Performance - Online and offline revenues were 1.004 billion yuan and 3.151 billion yuan, respectively, with declines of 16.08% and 4.48% year-on-year [7][9]. - The gross margin for online sales was 48.21%, while offline sales achieved a gross margin of 62.28%, highlighting a significant 14.07 percentage point gap [8][9]. Store Strategy and Challenges - The company closed 146 direct stores and 358 franchise stores, while opening 92 direct and 148 franchise stores, resulting in a net decrease of over 2,100 stores since 2021 [18]. - The strategy of opening large flagship stores has shown initial success but is now facing declining sales per store, with average revenue per store down 8.32% in 2024 [16][17]. Brand Upgrade Strategy - The company is attempting to transition from "fast fashion" to "quality fashion," targeting the 25-35 age demographic, but faces challenges in establishing a competitive advantage in both high-end and mass markets [23][24]. - High inventory levels reached 1.764 billion yuan, accounting for over 23% of total assets, indicating pressure from declining sales and high stock [24][26]. Market Position and Future Outlook - The company's market value has decreased by approximately 70% from its peak, reflecting broader challenges faced by Chinese apparel brands [32]. - Analysts suggest that the company needs to reassess its strategies regarding large stores and brand upgrades to find a more coherent path forward [33].

关于召开 2025 年第三季度业绩说明会的公告 | 证券代码：603877 | 证券简称：太平鸟 | 公告编号：2025-091 | | --- | --- | --- | | 债券代码：113627 | 债券简称：太平转债 | | 宁波太平鸟时尚服饰股份有限公司 本公司董事会及全体董事保证本公告内容不存在任何虚假记载、误导性陈述 或者重大遗漏，并对其内容的真实性、准确性和完整性承担法律责任。 重要内容提示： 会 议 问 题 征 集 ： 投 资 者 可 于 2025 年 11 月 6 日 前 访 问 网 址 https://eseb.cn/1sHZOHchBn2 进行会前提问。公司将在说明会上对投资者 普遍关注的问题进行回答。 宁波太平鸟时尚服饰股份有限公司（以下简称"公司"）已于 2025 年 10 月 24 日发布公司 2025 年第三季度报告，为便于广大投资者更全面深入地了解公司 2025 年第三季度经营成果、财务状况，公司计划于 2025 年 11 月 6 日（星期四） 15:00-16:00 在"价值在线"（www.ir-online.cn）举行 2025 年第三季度业绩说 明会，就投资者关心的问题 ...